ource: Univ of Illinois news release
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Cash rents in Illinois remained roughly the same in 2019 as in 2018, continuing a string of years with little changes in cash rents. In this article, average cash rents for 2019 are shown for the state of Illinois and counties in Illinois. There will be downward pressures on 2020 cash rents.
State Cash Rents
The National Agricultural Statistical Service (NASS), an agency of the U.S. Department of Agriculture, reports an average cash rent for the state of Illinois each year. For 2019, NASS estimates the average cash rent in Illinois at $224 per acre, up $1 per acre from a $223 per acre level in 2018 (see Figure 1).
Cash rents increased dramaticlly from 2006 to 2013, the period in which corn and soybean prices increased and remained at high levels. Average cash rents were $132 per acre in 2006 and increased by $102 per acre to $234 per acre in 2014. Corn and soybean prices declined in 2014, and cash rents declined by modest amounts in each year from 2015 to 2017: $228 per acre in 2015, $221 per acre in 2016, $218 per acre in 2017. Then, cash rents increased to $223 in 2018. The 2019 level is only $1 per acre higher than the 2018 level. Overall, cash rents have been relatively stable in recent years.